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Financial News: New Zealand GDP Rises 0.5% On Quarter, 2.1%

New Zealand GDP Rises 0.5% On Quarter, 2.1% On Year

09/18/2019 - 19:15:00 (RTTNews)

(RTTNews) - New Zealand's gross domestic product expanded a seasonally adjusted 0.5 percent on quarter in the second quarter of 2019, Statistics New Zealand said on Thursday.

That exceeded expectations for an increase of 0.5 percent although it slowed from 0.6 percent in the first quarter.

On an annualized yearly basis, GDP climbed2.1 percent - again beating forecasts for 2.0 percent and slowing from 2.5 percent in the three months prior.

Growth was led by the services industries, which grew 0.7 percent following a 0.3 percent growth in the March 2019 quarter. Primary industries also rose 0.7 percent, following two consecutive declines. Goods-producing industries fell 0.2 percent this quarter, following a 1.9 percent rise in the March 2019 quarter.

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